Bank of America Corp DE Has $6.59 Million Stake in Coastal Financial Corporation $CCB

Key Points

• Bank of America increased its Coastal Financial stake by 71.2% in the first quarter to 86,657 shares valued at approximately $6.59 million. Institutional investors collectively own 59.24% of the company.
• Coastal Financial insiders purchased 25,290 shares worth about $1.12 million over the past three months, including 10,000-share purchases by CEO Eric Sprink and Director Steven Hovde.
• The stock opened at $46.86 after a sharp decline, while analysts’ consensus rating remained “Hold.” Coastal Financial reported a quarterly loss of $2.76 per share, substantially missing the $1.01 consensus estimate, despite revenue exceeding expectations.

Bank of America Corp DE boosted its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 71.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 86,657 shares of the company's stock after buying an additional 36,045 shares during the quarter. Bank of America Corp DE owned about 0.57% of Coastal Financial worth $6,595,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Coastal Financial by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 784,230 shares of the company's stock worth $89,865,000 after purchasing an additional 18,193 shares during the last quarter. Azora Capital LP increased its position in Coastal Financial by 4.6% in the 4th quarter. Azora Capital LP now owns 618,244 shares of the company's stock worth $70,845,000 after buying an additional 27,224 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Coastal Financial by 9.0% during the third quarter. Wellington Management Group LLP now owns 486,197 shares of the company's stock worth $52,592,000 after buying an additional 39,984 shares during the last quarter. Cooper Creek Partners Management LLC lifted its holdings in shares of Coastal Financial by 105.0% during the first quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company's stock worth $34,255,000 after buying an additional 230,537 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Coastal Financial by 7.6% in the first quarter. Dimensional Fund Advisors LP now owns 359,571 shares of the company's stock valued at $27,361,000 after acquiring an additional 25,424 shares during the period. Institutional investors own 59.24% of the company's stock.

Insider Activity

In related news, CEO Eric M. Sprink acquired 10,000 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was bought at an average price of $44.45 per share, with a total value of $444,500.00. Following the acquisition, the chief executive officer owned 173,238 shares in the company, valued at $7,700,429.10. This represents a 6.13% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven D. Hovde bought 10,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average price of $43.83 per share, for a total transaction of $438,300.00. Following the completion of the acquisition, the director owned 26,500 shares of the company's stock, valued at $1,161,495. The trade was a 60.61% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 25,290 shares of company stock worth $1,115,894 over the last three months. Insiders own 13.49% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Zacks Research lowered Coastal Financial from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 4th. Keefe, Bruyette & Woods dropped their target price on shares of Coastal Financial from $95.00 to $53.00 and set an "outperform" rating for the company in a research note on Friday, July 31st. Stephens reiterated an "overweight" rating and issued a $110.00 price objective on shares of Coastal Financial in a research report on Friday, May 1st. Wall Street Zen raised Coastal Financial from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Finally, TD Cowen dropped their target price on Coastal Financial from $110.00 to $47.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Five research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $91.33.

Coastal Financial Stock Down 0.7%

Shares of CCB stock opened at $46.86 on Thursday. The firm has a fifty day moving average of $64.44 and a 200-day moving average of $72.44. Coastal Financial Corporation has a 12-month low of $36.61 and a 12-month high of $120.05. The company has a market capitalization of $716.49 million, a price-to-earnings ratio of -167.35 and a beta of 0.76. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($2.76) earnings per share for the quarter, missing the consensus estimate of $1.01 by ($3.77). The firm had revenue of $178.07 million for the quarter, compared to analyst estimates of $148.50 million. Coastal Financial had a negative return on equity of 0.80% and a negative net margin of 0.53%. As a group, equities research analysts predict that Coastal Financial Corporation will post 1.26 earnings per share for the current fiscal year.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina's central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.

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